Meituan plummeted 15%, its worst on record, after China issued regulations to tighten oversight of the country’s massive food delivery sector. The government posted a notice Monday asking meal delivery operators to respect the rights of delivery staff. Online food platforms must ensure that delivery workers earn at least the local minimum income, according to a guideline released by seven government agencies including the State Administration for Market Regulation. Tencent Holdings Ltd.-backed Meituan, the industry’s largest operator alongside Alibaba Group Holding Ltd., is already grappling with an investigation into alleged monopolistic behavior. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Source: Mint July 26, 2021 08:26 UTC